Bank of America was granted last week a patent on a “cryptocurrency transformation system” that comprises a platform to manage exchange rates between various currencies, transfer requests, and customer accounts.
The timing could not be better. The price of a bitcoin as of December 12 is $17,756.96, up from $1,000 on January, and the premium on cryptocurrency and blockchain patents is sure to rise, too.
“Enterprises may handle a large number of financial transactions on a daily basis,” reported ETHnews, citing the bank’s patent. “As technology advances, financial transactions involving cryptocurrency have become more common. For some enterprises, it may be desirable to exchange currencies and cryptocurrencies.”
It is interesting to note that inventors from four different states are shown on the patent – Georgia, Colorado, Florida and North Carolina, BofA’s home state. This may give some indication of the seriousness which it is taking the patent.
According to an article in IP Watchdog, the four top assignees in the blockchain/cryptocurrency area are Bank of America, Mastercard, Paypal and CapitalOne, all financial entities. They followed by technology-based businesses IBM, Microsoft, Amazon and Apple.
Both groups appear to be pursuing leverage.
It is estimated that the Bank of America has filed more than 20 blockchain patents over the past four or five years. Its interest is unclear, but it may well simply want to prevent patent disputes by holding key patents.
For a copy of the new patent, issued on December 5, go here.
Image source: uponarriving.com; ipwatchdog.com